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I've sent 0.58 BTC from one exchange into Coinspot. The transaction has so far taken 13 hours. I'll update you when the transfer clears. It should be a lot less, but I think there's some serious congestion ATM.

You can't backup a wallet that is hosted on the Coinspot website. By definition, backing up as saving a hardcopy. As you can't have a hardcopy and a softcopy of money (can only be one or the other), you have to choose whether you save it on a wallet yourself, or whether you trust coinspot's security.

What happens for coins you don't have a wallet for when the transactions are malformed? My coins for stellar were sent to no address yet it is marked as completed. I assume this is because it comes out of a shared wallet? there is no TXID so this should have failed! Why have the coins been taken out of my account! Can someone please check my case I raised on this!

It is your responsibility to ensure that the address you're sending to is correct. It's impossible to send to no address, so you must've put something in the 'to' box. If you put anything in there and hit send, it's likely your coins are gone.

Crypto is decentralised, and there's no bank that can reverse the transaction for you. If it went through, it's gone. Sorry bud.

I'm not a representative or employee of Coinspot, so my word isn't gospel, but this has happened a fair bit in the past. Call Coinspot and get them to confirm that the transaction has in fact been placed. .

I transferred few BTC into Coinspot around 36 hours ago and the transaction still says pending. When I did this previously it came through within few hours. Any idea on why is it taking so much time? I submitted several requests on this but haven't heard back from anyone yet.

This isn't a Coinspot issue, this is a bitcoin issue. Currently, due to the amount of demand and the mining setup (because segwit 2x didn't go ahead), the bitcoin transfer rate is incredibly slow. If you want to transfer bitcoins from one exchange to another, I'd avoid doing a transfer, and would instead use www.shapeshift.io to transfer your bitcoin into another coin, then send, then transfer back into bitcoin.

This is going to be the most difficult thing for bitcoin to overcome as litecoin is exactly the same except infinitely faster.

Out of interest, you should have a look into the amount of electricity burned per transaction. Last time I checked, it was enough to power a Tesla Model 3 for 1000km, per transaction - which is insanely power inefficient. Ethereum is about to swap to POS (proof of stake), instead of POW (proof of work), which will make mining obsolete.

In short, bitcoin has had a huge run recently, but it's very quickly becoming redundant. As soon as ETH gets POS, it'll absolute blow bitcoin out of the water.

On exchange - held in Coinspot, but not the safest method. You don't need to worry about losing a USB or hard drive though. This is the exchange, like Coinspot, Binance etc.

Virtual wallet - held in a virtual wallet, where you manage your own private key (string of numbers). Safer than exchange, but I think it's a bit riskier as I'm more likely to lose my private key than to be hacked. Like Electrum, or Blockchain Wallet.

Hard wallet - held in a hard disk like s wallet. More risky in my opinion as the disk could be lost, damaged, stolen, or burned down in a fire, with all your money going up in flames. Like Nano S Wallet.

My opinion is a bit different to the norm, and this is the case because you can setup Coinspot to require text verification for anyone to send or withdraw your coins from your account. To do this, the hacker will need both your login, and your mobile phone. Even more difficult if you've activated 2FA (but make sure you have your 2FA details backed up).

Exchanges like Binance, Bittrex etc are all different, and have different security methods. Do your own research, but my preference is in the exchanges and I've had no problems. But I've heard so many horror stories about people losing their old computers and forgetting private keys.

Coinspot - you should give me a job given the amount of questions I'm answering. Haha

I have a bit of litecoin on a hard wallet, and I was planning to cash it out. Besides transferring the coins to coin spot, and paying a 3% fee, is there any other trusted site/method of cashing it out into a bank, or even paypal account with lower fees? (Due to the high Coinspot fee (3%) from LTC to AUD).

At the time of writing, LTC/AUD on most exchanges is at $414, and because Coinspot adds an extra bit of meat on top of all coins, the LTC/AUD chart on CS is $437. After the 3% in fees, this works as $423.9, which is still higher than the normal going rate.That being said, you could use Shapeshift to sent into another coin like BTC or BCC, depending on how many LTC you have this may work out more economical.

How many LTC are you talking? I would put that LTC into REQ for the next week, before the Collosus Network upgrade. Price will go up 20%, and then that's your fees and a bunch else covered.

Copying from an email I sent Coinspot, only to be sent a reply that due to volume of requests, to post here instead. Hoping I get a reply:

On 12 December 2017, 16:40 GMT+10 (Sydney) time, I transferred US $599.99 worth of LiteCon from Coinbase to my Coinspot account, to an address generated by my LiteCoin wallet, being:

LXgAoyf31wLAMByDuLdUWPJxZuAtrP6PYG

Having checked CoinSpot for the receipt of LTC, I now note that the LTC wallet address is completely different, being LMemJ1YqKMAyP9C9KaPmSbPyjH5szSBtJZ. See below screenshot.

Inline images 1

Note, I did not type the previous Litecoin address into my Coinbase send request, but copied and pasted the address which Coinspot generated for me into the Coinbase send request field. I did not use another buy/sell platform or exchange, as I only use Coinspot and Indepedent Reserve, and specifically used Coinspot to receive the LTC. Independent Reserve does not trade in LTC.

Coinbase had the send status as "Complete" after 19 confirmations with the LTC address.

It seems Coinspot has somehow changed the LTC deposit address between the time I generated it and the last 24 hours.

Please advise how I can rectify this issue. Otherwise, I would have lost US$599.99.

Go to walletsGo to litecoinView the transactions, and see if it has been processed. Sometimes they take a while to be cleared if there's congestion on the network. If it shows up here, then don'w worry about the next step, it'll just take some time to clear.

With the recent price jumps, I wouldn't be surprised if there was a huge amount of congestion slowing your transaction down.

From my understanding (not 100% sure), but Coinspot uses randomly generated addresses for their deposits for some coins, but they check the old wallets every now and then also. It's very likely it's sitting there, but hasn't been recorded yet. If it doesn't show up, then you might want to call Coinspot about this.

Coinspot - can I have a job yet? You've got my email if you want to reach out. Happy to accept an employment offer, and I live super close to your HQ. :P

@Ampickles1992 Massivethanks for taking the time out answer our queries. You have single-handedly answered more questions than the entire @Coinspot customer service team. They should definitely bring you on board considering the service you are doing to them and the community. Keep up the good work :)

@Ampickles1992 thanks for the response mate. Not sure why Coinspot can't get their act together and respond officially. I'm considering taking this up with the ACCC given that as an Australian business Coinspot is still subject to consumer law. There's been a representation that there's a line of customer support; the support page says something like, "click the question mark on the bottom right of each page" for customer issues; though it doesn't exist. Their response to my email request was to ventilate the issue via the Zendesk forum. Neither are official responses from Coinspot themselves. I’ve done some research into the company and it doesn’t seem to check out. I’m a little concerned about the integrity of this company so will be pulling away from it as soon as I receive a resolution. In the interim, if a response isn’t furnished within 7 days, I’ll be referring a formal complaint to the ACCC about Coinspots misrepresented services available to customers. Though the site is appealing and easy to obtain digital currencies, I’m not convinced it’s insured for losses should they incur or even have a full time dedicated team in Melbourne. The verification call I received via a mobile phone is an example of that. The caller couldn’t answer simple questions re Coinspot; you could tell she was a paid part-timer who called for verification purposes and conducted a short survey with new applicants — much like a temp job position.

Thanks for your response, and yes - Coinspot should hire you! But Coinspot - should there be no response within 7 days of the posting of this message I provide notice of referring a complaint to the ACCC for misrepresentation grounds under Australian consumer law.

Question again: why has my LTC wallet address changed from the date of generation, and have I lost $600 US as a result?

I have no doubt you'll get your money for this, it's probably just stored in one of Coinspots cycling wallets for this. You should record the time/date of the transaction, just to make sure you don't lose any value of the token at coinspots expense. If the value goes down, they should payout the full value as the error was theirs. If the value stays higher, you should get given the full amount of your coins back.

Unfortunately, it appears if you're going to have to wait for your request to be answered. If you want it done sooner, I'd suggest calling them or getting in touch with their facebook page as they seem pretty responsive to direct messages (usually 24-48hrs).

Paper wallets - personally, I wouldn't use one, but each to their own.

I'd set it up with three different online wallets. I'd use one for bitcoin and bitcoin forks (bitcoinwallet), one for ethereum and ERC tokens (metamask), and one for neo and neo tokens (Neon wallet).

Load up an account for all three, and save the private keys and passphrases (if any), into an excel document. I would then send all funds to their respective wallet depending on which framework they are based (eth tokens to metamask etc). Then save a copy of what you have in each wallet, and then what you bought them at. This will act as your paper wallet/portfolio so you can track what you own.

I'd then keep them in a safe place with your birth certificate or mortgage documents etc, and then forget about them for a few years. Set yourself an email reminder for 2 years so you don't forget them completely, and then revisit from there.

I don't like this option as I've heard more stories about people losing their paper wallets compared with people who get hacked. Keeping your private keys on a piece of paper which could easily get misplaced isn't safe in my eyes, and I'd prefer to keep them on an exchange, or even better, a hard wallet.

1) I have a Nano S Ledger hard wallet, but that won't take all the altcoins I have.

I have about six different types of coins. I've looked into other hard wallets, but I can't find one that will take all my coins... in fact, some of my coins aren't transferrable to any of the hard wallets available.

2) Given the above, are there any particular online wallets you would recommend? I'm guessing once I've chosen one (or two) online wallets, then there is guidance provided by the online wallets on how to get the coins from the exchange wallet to the online wallet.